October 24, 2017 - This paper, written by Angelo Baglioni and Massimo Bordignon, is in response to the 'Non-paper for Paving the Way to a Stability Union' circulated at the last Econfin convention. Many commentators have interpreted it as "the last gift" of Wolfgang Schäuble, ex-minister of the finances of Germany, and an excellent synthesis of how the present German government sees possible developments and reforms for the euro area. Given this insight, Baglioni and Bordignon explore in greater depth how Italy can prepare and respond to these possible developments so that any changes will be fair and beneficial to all member states of the euro area.